>> the number of folks that over the last couple of years said the euro zone wasn't going to make us, europe wouldn't be with us anymore, that clearly was overstated. it never was going todom pass. the united states had all sorts of issues in its own government. you didn't see double-dip recession in the u.s. think about before the u.s. election how many people said these companies are keeping trillions of dollars on the sidelines because they're worried about the u.s. how many people are keeping trillions of dollars on the sidelines because they're worried about uncertainty in china? china is more uncertain. two thirds of the world's growth comes from emerging markets. these are countries much more volatile. now the financial crisis finally in our rear-view mirror, we'll spend more time in there. >>eric: what the arab summer? arab spring, arab summer? >> we have a boom going on, offshore gas brazil and mexico. as a consequence, the down side in the middle east which is exploding, that will have less impact on the u.s. ironically the fact that it has less impact on the u.s. means the